The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. State and local indebtedness

Collection:: Economics Books

46 THE FISCAL PROBLEM IN MISSOURI debtedness whatever. The complete liquidation of the bonded debt was gradually accomplished, as a result of a policy that was adopted immediately after the close of the Civil War, when a funding act was passed in accordance with a constitutional amendment that had been approved. The principal and accumulated interest of the state debt, less certain offsetting assets, amounted to approximately $25 million on January 1, 1868. In consequence of the liquida- tion policy, a downward trend was almost immediately in evidence. By 1870 the debt had been reduced to $20.9 million, and on December 31, 1880, it was $19.5 million.! During the following decade the net bonded debt was re- duced by more than $10 million, but the reduction in total net debt amounted to a little less than $8 million, since the debt to public trust funds had increased during the ten-year period. At the turn of the century Missouri’s net total indebtedness amounted to about $6 million, and the net bonded debt was only $1.7 million. On December 31, 1902, sinking fund assets, as noted, exceeded the bonds outstand- ing, and from that date until 1912 the state had no net bonded indebtedness. During these years the state debt consisted of school and seminary certificates of indebtedness and small amounts of floating debt in certain years. In no year did the total exceed $5 million. From 1912 to 1921 the state debt varied within narrow limits. At the end of 1912 the total net debt was less than $5 million; five years later it amounted to only a little over $7 million; and on December 31, 1921, it was reported as $5.9 million? Additional bonded indebtedness was incurred for building purposes, but the amounts involved were relatively small as compared with the borrowings of more recent years. Since the state did not consciously adopt an extensive borrowing policy until 1920-1922, the years from 1912 to 1921 are included in the third period. The fourth or current period, beginning in 1922, whichis treated in detail in another part of this Chapter. 1s marked 1 United States Bureau of the Census, Wealth, Debt and Taxation, 1913. 2 The net bonded debt was only $1.5 million at the end of 1921. 8 Occasioned by the burning of the state capitol. $3.500.000 of indebtedness was approved for rebuilding the state capitol.

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